91-year-old legendary investor and Berkshire Hathaway¡¯s CEO Warren Buffett may be missing a thing or two on cryptocurrencies, as per LinkedIn Founder and noted venture capitalist Reid Hoffman.
"Warren doesn't understand the kind of tech platforms and what kinds of things could be useful for a global identity system that could be packed into a distributed ledger that's part of internet protocols, or ledgers for assets that you could have as part of you doing a number of different applications and so on," LinkedIn Founder said in a new episode of Yahoo Finance Presents.
However, Hoffman went on to praise Warren Buffett's investing acumen as it pertains to investing in actual companies.
One aspect that both Buffett and crypto supporters such as LinkedIn founder Hoffman could agree on is that the market prices for the technology are highly volatile.?
Not only multiple times in the past, but even as recently as in the present, many cryptocurrency prices are plunging, which again indicates the high degree of volatility and uncertainty in the crypto space.
From calling bitcoin ¡¯rat poison¡¯ years ago to investing $1 billion in a ¡®crypto friendly¡¯ bank this year, it's all a part of Warren Buffett¡¯s hide-and-seek saga with cryptocurrency.?
And about ten days ago, at Berkshire Hathaway's annual meeting, CEO Warren Buffett said that bitcoin is not a productive asset and it doesn¡¯t produce anything tangible.
¡°If you owned all of the bitcoin in the world and you offered it to me for $25, I wouldn¡¯t take it,¡± Buffett had said at the meeting.
Buffett and his long-time right-hand man at Berkshire Hathaway Charlie Munger have both spoken against crypto from time to time.
98-year-old Charlie Munger, who is the vice-chairman of Berkshire Hathaway, too went on to describe bitcoin as "stupid and evil."
In the Berkshire meeting on April 30th 2022, Munger said ¡°In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else ¨C and bitcoin does all three.¡±?
The 98YO added ¡°In the first place, it¡¯s stupid because it¡¯s still likely to go to zero. It¡¯s evil because it undermines the Federal Reserve System... and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.¡±
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